Binance Supports Terra Classic Parity Upgrade; L1TF Awaits Google Update

The world’s largest crypto exchange Binance on Wednesday said it will support the Terra Classic (LUNC) network’s biggest v2.1.1 upgrade as the community officially passed Proposal 11561. It will bring the blockchain to parity with Terra 2.0 and other Cosmos chains. Thus, allowing projects and developers to once again build and bring dApps on the Terra Classic chain.

Meanwhile, core developer Joint L1 Task Force (L1TF) awaits Google to update the Chrome extension as some CosmWasm components will not function and will impact dApps until Google applies their update.

Also Read: Terra Classic’s Biggest v2.1.1 Parity Upgrade Proposal Officially Passed, LUNC To $1

Binance Announces Support for Terra Classic v2.1.1 Parity Upgrade

According to an official announcement on June 14, Binance will support Terra Classic’s v2.1.1 upgrade. The Terra Classic network upgrade will happen at block height 13215800, expected today at 14:00 UTC. The current data suggest the upgrade will happen before the expected time.

Binance will suspend LUNC and USTC deposits and withdrawals through the Terra Classic (LUNC) network at 13:00 UTC. The trading activity will not get impacted during the network upgrade and users can continue to trade LUNC and USTC.

The crypto exchange will open deposits and withdrawals once the Terra Classic network stabilizes after the upgrade. Other crypto exchanges such as KuCoin also support the Terra Classic network upgrade.

Also Read: Terra Luna Classic Dev Makes Key Changes To v2.1.1 Parity Upgrade, LUNC Price Jumps 15%

Joint L1 Task Force project manager LuncBurnArmy took to Twitter to reveal that dApps will face issues after the upgrade as some wasm components will only function after Google update its Chrome extension. In addition, the existing Station web and mobile versions will continue to work normally.

It should be noted that we heard from TFL that Google can take some time to update (sometimes days). Again, let’s all be patient with them until they apply their update.

— 🔥LuncBurnArmy🔥 (@luncburnarmy) June 14, 2023

LUNC Price Build Upside Momentum

Terra Classic jumped 15% on Tuesday as whales and investors anticipate a major rally after the upgrade due to significant improvements and upcoming plans.

LUNC price jumps 3% in the past 24hrs, with the price currently trading at $0.000097. The 24-hour low and high are $0.000092 and $0.000100, respectively. Furthermore, the trading volume has also increased by 70% in the last 24 hours, indicating an increase in interest.

Also Read: US House To Vote On Crypto Bill For Clarity On SEC or CFTC Jurisdiction In Weeks

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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